MDA

MKT CAP:$4B

MDA Space Ltd

Market Cap

$4B

Technology·Hardware, Equipment & Parts·🇨🇦 Canada·NYSE

Technology·Hardware,·🇨🇦·NYSE

Stock Price

$35.21+$8.21 (+30.41%)

Apr 17, 2026

Company Details

MDA Space Ltd. is an international space mission partner company, which engages in the provision of advanced technology, solutions, and services to the burgeoning global space industry. It operates through the following business areas: Geoi...

CEO

Michael Greenley Pmp

IPO Date

Mar 13, 2026

Website

www.mda.space

Key Metrics TTM

Revenue

$1.2B

+50.6% YoY

Net Income

$78M

EPS (Diluted)

$0.61

Free Cash Flow

$162M

Revenue / Share

$9.31

Gross Margin

19.9%

Operating Margin

7.4%

Net Margin

6.6%

FCF Margin

13.8%

P/S

3.8x

P/E

56.9x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Dec 30, 2025

$1.2B+58.5%EPS $0.61

Q4 2025

Dec 30, 2025

$363M+50.9%EPS $0.14

Q3 2025

Sep 29, 2025

$294M+41.0%EPS $0.13

Q2 2025

Jun 29, 2025

$274M+55.1%EPS $0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$103M	$38M	$479.5K
Q2 22	$120M	$30M	$4M
Q3 22	$124M	$32M	$5M
Q4 22	$137M	$34M	$5M
Q1 23	$149M	$40M	$14M
Q2 23	$148M	$38M	$11M
Q3 23	$151M	$34M	$7M
Q4 23	$155M	$35M	$1M
Q1 24	$154M	$34M	$5M
Q2 24	$177M	$40M	$8M
Q3 24	$209M	$47M	$19M
Q4 24	$241M	$49M	$15M
Q1 25	$244M	$47M	$25M
Q2 25	$274M	$61M	$28M
Q3 25	$294M	$56M	$12M
Q4 25	$363M	$70M	$23M

Valuation

Quarter	P/S	P/E
Q1 22	11.5x	432.0x
Q2 22	11.0x	1263.5x
Q3 22	10.1x	333.5x
Q4 22	9.2x	229.6x
Q1 23	8.3x	180.9x
Q2 23	7.9x	114.2x
Q3 23	7.6x	135.5x
Q4 23	7.4x	121.7x
Q1 24	7.3x	127.8x
Q2 24	7.0x	125.7x
Q3 24	6.4x	88.3x
Q4 24	5.7x	77.1x
Q1 25	5.1x	63.2x
Q2 25	4.6x	54.0x
Q3 25	4.2x	57.0x
Q4 25	3.8x	56.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$12M	-$8M
Q2 22	-$4M	-$37M
Q3 22	$5M	-$19M
Q4 22	$30M	$2M
Q1 23	$34M	$12M
Q2 23	$29M	$4M
Q3 23	-$22M	-$49M
Q4 23	-$31M	-$67M
Q1 24	$18M	-$2M
Q2 24	$106M	$87M
Q3 24	$191M	$164M
Q4 24	$266M	$230M
Q1 25	$186M	$158M
Q2 25	$39M	$4M
Q3 25	$24M	-$12M
Q4 25	$40M	$12M

Capital Expenditures

Quarter	CapEx
Q1 22	$20M
Q2 22	$33M
Q3 22	$24M
Q4 22	$27M
Q1 23	$22M
Q2 23	$26M
Q3 23	$27M
Q4 23	$36M
Q1 24	$20M
Q2 24	$18M
Q3 24	$27M
Q4 24	$36M
Q1 25	$28M
Q2 25	$34M
Q3 25	$36M
Q4 25	$28M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+4.5%	+6.1%
Q2 22	+17.4%	+17.0%
Q3 22	+41.7%	+31.7%
Q4 22	+50.3%	+33.2%
Q1 23	+45.5%	+32.1%
Q2 23	+23.1%	+18.6%
Q3 23	+21.2%	+20.3%
Q4 23	+12.7%	+15.9%
Q1 24	+3.4%	+10.5%
Q2 24	+19.6%	+22.9%
Q3 24	+38.5%	+32.7%
Q4 24	+55.7%	+47.5%
Q1 25	+58.0%	+47.1%
Q2 25	+55.1%	+45.9%
Q3 25	+41.0%	+48.7%
Q4 25	+50.9%	+50.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$25M	$13M
Q2 22	$14M	$12M
Q3 22	$13M	$13M
Q4 22	$15M	$14M
Q1 23	$13M	$13M
Q2 23	$12M	$16M
Q3 23	$12M	$15M
Q4 23	$17M	$16M
Q1 24	$13M	$16M
Q2 24	$14M	$17M
Q3 24	$13M	$16M
Q4 24	$17M	$17M
Q1 25	$4M	$19M
Q2 25	$8M	$25M
Q3 25	$21M	$24M
Q4 25	$21M	$26M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$48M	$0	$48M
Q2 22	$7M	$0	$7M
Q3 22	$0	$0	$0
Q4 22	$29M	$0	$29M
Q1 23	$50M	$0	$50M
Q2 23	$29M	$0	$29M
Q3 23	$10M	$0	$10M
Q4 23	$17M	$0	$17M
Q1 24	$22M	$0	$22M
Q2 24	$34M	$0	$34M
Q3 24	$103M	$0	$103M
Q4 24	$116M	$0	$116M
Q1 25	$261M	$0	$261M
Q2 25	$489M	$0	$489M
Q3 25	$141M	$0	$141M
Q4 25	$111M	$0	$111M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	124M	+4.6%	+5.4%
Q2 22	119M	-4.4%	+0.0%
Q3 22	123M	+3.2%	-4.6%
Q4 22	119M	-2.9%	+0.3%
Q1 23	120M	+0.5%	-3.6%
Q2 23	120M	+0.5%	+1.3%
Q3 23	122M	+1.4%	-0.5%
Q4 23	123M	+0.6%	+3.1%
Q1 24	123M	+0.5%	+3.0%
Q2 24	124M	+0.2%	+2.7%
Q3 24	124M	+0.6%	+1.9%
Q4 24	127M	+2.5%	+3.9%
Q1 25	128M	+0.1%	+3.5%
Q2 25	128M	+0.4%	+3.7%
Q3 25	130M	+1.6%	+4.7%
Q4 25	126M	-2.9%	-0.9%

Shares Outstanding